Bull Market

Bitcoin

Rekt

Elon Musk

Long-term Bitcoin holders have, in total, spent a milestone $10 billion to buy the cryptocurrency and have been pulling back from selling as its price retreats from its 2021 all-time highs, according to an analyst.
“For the first time ever, the realized capitalization of long-term holders has exceeded $10 billion,” CryptoQuant contributor Amr Taha said in an Aug. 27 <a data-ct-non-breakable="null" href="https://cryptoquant.com/insights/quicktake/66ce0568a409da60dc779f4b-For-the-first-time-ever-the-realized-capitalization-of-long-term-holders-has-exc" rel="null" target="null" text="null">post</a>.
<h3 id="long-term-holders-less-likely-to-panic-sell">Long-term holders less likely to panic-sell</h3>
The realized cap takes into account the price at which each Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null">BTC</a>) was last sold. It’s realized cap is “often compared to Market Cap to get a sense of the overall market vibe,” <a data-ct-non-breakable="null" href="https://glossary.bitbo.io/realized-price/" rel="null" target="null" text="null">according</a> to crypto analytics firm Bitbo.&nbsp;
Long-term holders are those who’ve held Bitcoin for over 155 days. Taha explained that once holders have crossed the 155-day mark, “the likelihood of selling decreases significantly, meaning these holders are less likely to sell during short-term market fluctuations.”
Since Bitcoin began its 29-day streak of trading below $69,000 on July 30, selling pressure from long-term holders has “decreased 3.7 times,” fellow CryptoQuant contributor Axel Adler <a data-ct-non-breakable="null" href="https://x.com/AxelAdlerJr/status/1828324359557034120" rel="null" target="null" text="null">noted</a> on Aug. 27.
Bitcoin traded at $59,404 at the time of writing on Aug. 28, down 5.47% in the past 24 hours. The asset is down slightly on the week by 0.11% after touching a high of $64,791, <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/bitcoin/" rel="null" target="null" text="null">according</a> to CoinMarketCap.
<figure>
 <img alt="Long-term Bitcoin holder buys hit $10B mark as price slips below $60K" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01919704-7d8b-704e-9ae1-77987f196bad">
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 Bitcoin’s price has fallen below the crucial ,000 level that traders have watched closely. Source: CoinMarketCap
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</figure>
Bitcoin’s current price is around 8% lower than the average of $64,490 that long-term holders paid for Bitcoin, <a data-ct-non-breakable="null" href="https://chainexposed.com/XthRealizedPriceLongTermHolder.html" rel="nofollow noopener" target="_blank" text="null">according</a> to ChainExposed data.
However, crypto traders believe the price might see further downside, forcing long-term holders to hold on even longer while waiting for better profit-taking opportunities.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-chart-price-pattern-bullish-crypto-traders-68k" rel="null" target="null" text="null">Bitcoin chart signals possible ‘extremely’ quick move to $68K — Traders</a>
“Bitcoin will retrace deep enough to convince you that the Bull Market is over,” pseudonymous crypto trader Rekt Capital <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1828561607934275840" rel="null" target="null" text="null">added</a>.&nbsp;
Many traders view $50,000 as a crucial support level, and if it breaks, it could push Bitcoin into an uncertainty zone.
It comes after a June Glassnode report found that around three-quarters of all circulating Bitcoin hasn’t been moved for the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-long-term-holders-profit-hodl-glassnode-all-time-highs" rel="null" target="null" text="null">past six months or more</a>. Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/animoca-brands-yat-siu-blockchain-gaming-elon-musk-x-hall-of-flame/" rel="null" target="null" text="null">Elon Musk is worth 100K followers: Yat Siu, X Hall of Flame</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Long-term Bitcoin holder buys hit $10B mark as price slips below $60K

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